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International Business News: Global air freight rates have climbed for the first time in seven weeks ahead of Asia's lunar new year and as attacks on Red Sea shipping prompt companies to secure costlier air cargo space. The Baltic Air Freight Index, which shows general cargo weekly transactional rates across a number of routes, rose 6.4% in the week to Monday, price reporting agency TAC Index said, reversing declines since a mid-December seasonal peak. Attacks by Yemen's Iran-aligned Houthi group on vessels in the Red Sea, launched to express solidarity with Palestinians in Gaza, have forced shippers to take longer routes that can add weeks to delivery times. "The increase is in line with expectations that rates may spike following disruption to ocean shipping in the Red Sea, though sources also point out that rates often rise in the run-up to Chinese New Year," TAC Index said. Many factories in China close for the 8-day holiday which begins this year on Feb. 10 and ....
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